that it transforms the very basic pillars of our society?

A technology which fundamentally influences the way that our economy, governance systems

and businesses function,and change our conceptual understanding of trade, ownership and trust?

This technology already exists, and it’s called crypto currency. People often think

of crypto currency as only virtual money or a transaction system. But if you look closer,

you’ll see that the monetary aspect, is just the tip of the iceberg.That’s because

Bitcoin is a ground-breaking internet technology for which money is merely one of the possible

applications. crypto currency enables a network of computers to maintain a collective bookkeeping

via the internet. This bookkeeping is neither closed nor in control of one party, rather,

it is public and available in one digital ledger which is fully distributed across the

network. We call this the Blockchain. In the Blockchain, all transactions are logged including

information on the time, date, participants and amount of every single transaction. Each

node in the network owns a full copy of the Blockchain. On the basis of complicated state-of-the-art

mathematical principles, the transactions are verified by the so-called crypto currency

Miners, who maintain the ledger. The mathematical principles also ensure that these nodes automatically

and continuously agree about the current state of the ledger and every transaction in it.

If anyone attempts to corrupt a transaction, the nodes will not arrive at a consensus and

hence will refuse to incorporate the transaction in the Blockchain. So every transaction is

public and thousands of nodes unanimously agree that a transaction has occurred on date

X at time Y. It’s like there’s a notary present at each transaction. This way, everyone

has access to a shared single source of truth. This is why we can always trust the Blockchain.

And each crypto currency is both individually identifiable and programmable.This means that

users can assign properties to each unit. Users can program a unit to represent a eurocent,

or a share in a company, a kilowatt-hour of energy or a digital certificate of ownership.

Automizing such matters leads to a considerable decrease in bureaucracy, which saves accountants,

controllers, and the organization in general an incredible amount of time but there is

more. In an 'internet of things', our economy will be dealing with machines that actively

participate in the economic traffic.In fact, they are already here. Think of a vending

machine. or drones delivering packages. These machines are unfamiliar with the concept of

trust, Because of the blockchain, the drone can be a hundred percent certain that it will

deliver the package to the right recipient and know for sure that it has been paid for.And

we can program the vending machine in such a way that it will automatically keep track

of its supplies, order new supplies from the supplier and pay for them automatically. Of

course, you will understand that this is only the beginning. Internet technology is disruptive

and breaks the status quo.It opens markets and breaks the positions of middlemen all

the time. Blockchain and crypto currencies have caused a paradigm shift. It’s time

to explore this new technology constructively and critically, and openly discuss the potential

applications.